According to the new market research report by MarketsandMarkets, [128 Pages Report] the global vascular closure devices market is expected to reach USD 984.6 Million by 2022 from USD 704.8 Million in 2017, at a CAGR of 6.9%.
The large number of approvals for vascular closure devices, the high prevalence of cardiovascular diseases, high prevalance of obesity, and increasing focus of market players on large-bore vascular closure devices.
The report provides an overall understanding of the market. In this report, the market is segmented on the basis of type, access, procedures, and geographies. The type segment includes passive approximators, active approximators, and external hemostasis devices. Among these type segments, the passive approximators segment is expected to account for the largest share of the vascular closure devices market in 2017. The access segment includes femoral access and radial access. The procedure segment includes interventional cardiology and interventional radiology/vascular surgery. The geographic segments included in this report are North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
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The Passive Approximators segment to grow at the highest CAGR during the forecast period
On the basis of type, the global vascular closure device market is segmented into passive approximators, active approximators, and external hemostatic devices. In 2017, passive approximators segment accounted for the largest share of ~ 67% of the global vascular closure device market. The passive approximators consist of a plug, sealant, or a gel that can be deployed at the arteriotomy site to passively close the femoral artery. The passive approximators segment is further divided into collagen plugs, sealant or gel-based devices, and compression assist devices. The large share of this market can be attributed to the large number of approvals for vascular closure devices and the high prevalence of cardiovascular disease and obesity. However, the high cost of vascular closure devices and the increasing popularity of interventional procedures using radial arteries are likely to limit market growth to a certain extent.
The global vascular closure devices market is expected to reach USD 984.6 million by 2022. The key factors propelling the growth of the the vascular closure devices market are the rising prevalence of cardiovascular diseases, increase in obese population, increasing number of regulatory approvals, and increasing focus of market players on large-bore vascular closure devices.
The increasing interventional procedures using radial access, the high cost of vascular closure devices, and the risks associated with vascular closure devices are the major restraints for the market
Vascular closure devices are relatively high-priced devices compared to manual compression devices. The average price of a vascular closure device is about USD 150–USD 250 while that of a manual compression device is about USD 15–USD 25. The cost of VCDs essentially adds up to the patient’s hospitalization bill and even increases the per patient cost for hospitals and simultaneously reduces profits.
Moreover, radial artery access makes it more convenient for doctors to achieve hemostasis using simple manual compression methods. Interventional procedures using radial artery access do not generally require vascular closure devices, which is another factor that leads to cost savings.
Additionally, malfunctioning of devices, poor quality, and underperformance of devices are the primary causes of product recalls. Product failures and recalls cost companies millions of dollars in product replacements and lost revenues. They may also create a negative impression about the product, which in turn may limit the adoption of these products.
However, growth in target markets in emerging nations such as China, India, and Brazil, offer significant growth opportunities for players operating in the vascular closure devices market.
The benefits of interventional cardiology procedures including reduced scarring and less pain due to their minimally invasive nature are driving the interventional cardiology market from vascular closure devices.
Interventional cardiologists use vascular closure devices to close the artery after the procedure. Interventional cardiology deals specifically with catheter-based treatment of structural heart diseases. These procedures are done through blood vessels like the transfemoral or transradial artery for angioplasty and stenting. Market players offer on-hand practice to surgeons, physicians, and cardiologists for their vascular closure devices. This ensures safety, efficiency, and the effective deployment of these devices during cardiac procedures.
CVDs are the leading cause of death worldwide. This figure for deaths caused due to CVDs is expected to increase to 23.6 million by 2030 (Source: World Health Organization). The significant growth in the incidence of CVDs is resulting in an increase in the demand for cardiac interventional procedures.
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The geographic segments in this report include North America, Europe, Asia-Pacific, and RoW. Of these, the North American segment is expected to account for the largest share of the market in 2017. The large share of this segment can primarily be attributed to the high prevalence of cardiovascular diseases in the U.S., growing trend of one-day surgery for vascular procedures, and increasing research and clinical trials for vascular closure devices.
The major players in Vascular Closure Devices Market include Terumo Corporation (Japan), Abbott (U.S.), Cardinal Health Inc. (U.S.), Cardiva Medical Inc. (U.S.), Morris Innovative, Inc. (U.S.), Medtronic plc (Ireland), Essential Medical, Inc. (U.S.), Merit Medical Systems, Inc. (U.S.), TZ Medical, Inc. (U.S.), and Vasorum Ltd. (Ireland).